Mumbai: The optimistic undertone in castor seed futures is hoped to continue as the arrivals likely to shrink further in the coming days. Castor seed is sown in July and August and harvested in January. The inflow into Gujarat spot markets has fell to 30,000 bags (of 75 kg each) during the week from 80,000 bags. Prices of castor seed in the spot markets are on the increase amidst strong export demand and are quoted at about Rs 570 for a 20 kg bag. Export price of castor seed oil meal is quoted at $150 a tonne. India is one of largest exporters of castor seed and its derivatives like oil and oil meal. The weakness in barley futures is hoped to remain in the short term. The steady decline in open interest and low volumes amidst softening prices indicate that the market is in overbought position.
Monday, June 30, 2008
Increases Coonoor Tea Rates For Demand - June 30,2008
Coonoor: Despite a immense offer of 13.82 lakh kgs the highest for any single auction in more than two years prices increased Rs 2 a kg on the average at Sale No: 26 of the auctions of Coonoor Tea Trade Association (CTTA) on June 27 because demand was adequate to absorb the volume. Exporters said that Pakistan found it advantageous to acquire here in the context of tight supplies and high prices at Kenya's Mombassa auctions where it is used to pick up the bulk of its requirements. CIS bought blacker smaller sorts paying Rs 50. Internal purchasing was generally strong. Western Indian buyers operated actively on the bright liquoring teas.
Whole leaf orthodox grades were dearer by Rs 3-4 a kg. Brokens and fannings got Rs 2 more. High-priced CTC teas were up by Rs 1-2. Primary orthodox dusts got Rs 3-5 more. Its BOPF grade got Rs 110 a kg, the highest price for any CTC tea from bought-leaf sector at the auction. Darmona was the only factory to remain in Rs 100 and plus category. Homedale Estate received Rs 97, Hittakkal Estate and Shanthi Supreme Rs 90 each, Professor Rs 87, Vigneshwar Estate, Ella Estate and Kannavarai Estate Rs 86 each, Highfield Estate Special, Aroma Estate and Green View Estate Rs 85 each, Deepika Supreme and Sree Tea Supreme Rs 84 each, UPASI Rs 83, Garswood Estate Rs 82, Selva Ganapathy Supreme Rs 80.
Whole leaf orthodox grades were dearer by Rs 3-4 a kg. Brokens and fannings got Rs 2 more. High-priced CTC teas were up by Rs 1-2. Primary orthodox dusts got Rs 3-5 more. Its BOPF grade got Rs 110 a kg, the highest price for any CTC tea from bought-leaf sector at the auction. Darmona was the only factory to remain in Rs 100 and plus category. Homedale Estate received Rs 97, Hittakkal Estate and Shanthi Supreme Rs 90 each, Professor Rs 87, Vigneshwar Estate, Ella Estate and Kannavarai Estate Rs 86 each, Highfield Estate Special, Aroma Estate and Green View Estate Rs 85 each, Deepika Supreme and Sree Tea Supreme Rs 84 each, UPASI Rs 83, Garswood Estate Rs 82, Selva Ganapathy Supreme Rs 80.
Relinquish Its Qatar Block To ONGC Videsh - June 30,2008
ONGC Videsh Ltd (OVL) has decided to surrender the Najwat Najem oil block in Qatar. OVL has communicated to the Qatari authorities and has informed its board on the decision to relinquish the asset after it discovered that the reserves in the block are low and not commercially viable. The OVL has also decided to release the rig purchased for undertaking drilling activity in the block. OVL, the overseas investment arm of ONGC, had inked an appraisal, development and production sharing agreement (ADPSA) with the Government of Qatar on March 2, 2005 for appraisal of the Najwat Najem oil structure. The block is the first overseas project executed by OVL wherein the company has both 100 per cent ownership and is the sole operator.
The first assessment well in the Najwat Najem structure was spudded in July 2007. OVL had firmed up two locations for evaluating the structure and assessing and proving its commerciality. While the first well spud showed oil and gas, the second well showed encounter of gas. The ADPSA comprised an initial two-year appraisal phase followed by a development phase. The minimum work committed during the appraisal phase is reprocessing and interpretation of seismic data, drilling of two appraisal wells and an integrated multidisciplinary study to assess the potential of the area.
The first assessment well in the Najwat Najem structure was spudded in July 2007. OVL had firmed up two locations for evaluating the structure and assessing and proving its commerciality. While the first well spud showed oil and gas, the second well showed encounter of gas. The ADPSA comprised an initial two-year appraisal phase followed by a development phase. The minimum work committed during the appraisal phase is reprocessing and interpretation of seismic data, drilling of two appraisal wells and an integrated multidisciplinary study to assess the potential of the area.
Any Airline Company In Indian Sub-Continent - June 30,2008
National Aviation Co of India (NACIL), which runs the state-run carrier Air India, will go for a $6.5 billion insurance cover from June 30, the highest insurance coverage by any airline company in Indian sub-continent. All state-owned and private insurance firms are expected to bid for the business while some of them have already started discussions to forge alliances for the year long insurance period that will expire June 30, 2009. The insurance cover will be provided to a fleet of the merged Air India, Air India Express and Alliance Air, which in all are about 140 aircraft, said the official.
The 2007-08 insurance contract for Air India was bagged by a consortium led by the state-run New India Assurance Co Ltd with ICICI''s Lombard General Insurance Co Ltd as co-insurer. The NACIL has already managed to get at least 15 percent discount on existing insurance rates for covering its non-aviation business in 2008-09. ICICI Lombard, scoring over state-run insurance companies and private companies, won the business. The entry of private insurance companies into the aviation market has intensified competition in the business, resulting in lower premium rates. Among the private companies expected to bid for the NACIL tender are Bajaj Allianz, General Insurance Co Ltd, ICICI Lombard, Cholamandalam MS General Insurance Co Ltd and Reliance General Insurance Co Ltd. Four public sector insurance firms, Oriental Insurance Co, New India Assurance Co, United India Insurance Co and National Insurance Co dominate the aircraft insurance business and cover NACIL''s competitors such as Jet Airways (India) Ltd, Kingfisher Airlines Ltd and Deccan Aviation Ltd.
The 2007-08 insurance contract for Air India was bagged by a consortium led by the state-run New India Assurance Co Ltd with ICICI''s Lombard General Insurance Co Ltd as co-insurer. The NACIL has already managed to get at least 15 percent discount on existing insurance rates for covering its non-aviation business in 2008-09. ICICI Lombard, scoring over state-run insurance companies and private companies, won the business. The entry of private insurance companies into the aviation market has intensified competition in the business, resulting in lower premium rates. Among the private companies expected to bid for the NACIL tender are Bajaj Allianz, General Insurance Co Ltd, ICICI Lombard, Cholamandalam MS General Insurance Co Ltd and Reliance General Insurance Co Ltd. Four public sector insurance firms, Oriental Insurance Co, New India Assurance Co, United India Insurance Co and National Insurance Co dominate the aircraft insurance business and cover NACIL''s competitors such as Jet Airways (India) Ltd, Kingfisher Airlines Ltd and Deccan Aviation Ltd.
Contributor For Private Players The Bancassurance Key - June 30,2008
The insurance sector has seen a exceptional growth over the past few years. In 2007-08, growth in premiums was over 40 per cent. Many private players are rising at rates above 70 per cent. Insurance premium collections have reached 4.1 per cent of the GDP. Growth in life insurance premiums still comes primarily via the efforts of individual agents. But another channel that is fast emerging as a substantial source of premium income is bancassurance - especially for private life insurers. Bancassurance currently gives close to 35 per cent of the premium collected by private players. In 2006-07, that figure was about 17 per cent.
Saturday, June 28, 2008
India With Sharif For Peaceful Ties - June 28,2008
LONDON: Pakistan Muslim League-Nawaz (PML-N) chief Nawaz Sharif has said that Pakistan should foster peaceful ties with India on the basis of equity, justice and mutual respect.
Speaking at a two-day Indo-Pakistan conference here, Sharif said, "Pakistan has always viewed relations with India as extremely important, not only for the peace of the region, but also for the world peace."
"Both countries should seriously consider abolishing visas for most categories of visitors allowing frequent exchanges between the people," The Daily Times quoted Sharif, as saying.
Speaking at a two-day Indo-Pakistan conference here, Sharif said, "Pakistan has always viewed relations with India as extremely important, not only for the peace of the region, but also for the world peace."
"Both countries should seriously consider abolishing visas for most categories of visitors allowing frequent exchanges between the people," The Daily Times quoted Sharif, as saying.
MSCB Ties-Up With Bajaj Allianz - June 28,2008
MUMBAI: Maharashtra State Co-operative Bank (MSCB), on Friday tied-up with insurance service provider, Bajaj Allianz Life Insurance to provide the latter's life insurance solutions through its 50 branches across the state.
"We are happy to offer our platform to Bajaj to devlop their customer base through our distribution network," MSCB Chairman, Manikrao Patil, told reporters.
The bank had proposals from other insurance players as well, Patil said, adding that "after studying them all, we found Bajaj Allianz the most suitable to do business," Patil said.
Commenting on the tie-up with the bank, Bajaj Allianz's Associate Vice President (Business Procurment), Aniruddha Shanbhag, said that the bank's platform would greatly improve its distributuion strength in Maharashtra and enable the comany penetrate deep into the country, especially the rural and remote areas.
MSCB has 50 branches and two extension centres spread over 31 districts of the state. With a customer base of around 3-lakh, the bank's total deposits and advances stood at Rs 14,000-crore and 10,000-crore in FY 08, respectively.
"We are happy to offer our platform to Bajaj to devlop their customer base through our distribution network," MSCB Chairman, Manikrao Patil, told reporters.
The bank had proposals from other insurance players as well, Patil said, adding that "after studying them all, we found Bajaj Allianz the most suitable to do business," Patil said.
Commenting on the tie-up with the bank, Bajaj Allianz's Associate Vice President (Business Procurment), Aniruddha Shanbhag, said that the bank's platform would greatly improve its distributuion strength in Maharashtra and enable the comany penetrate deep into the country, especially the rural and remote areas.
MSCB has 50 branches and two extension centres spread over 31 districts of the state. With a customer base of around 3-lakh, the bank's total deposits and advances stood at Rs 14,000-crore and 10,000-crore in FY 08, respectively.
Microsoft's DOS Operating System - June 28,2008
REDMOND: On his final full day at Microsoft Corp., Bill Gates went on stage to reminisce with his longtime friend Steve Ballmer, and neither man could hold back tears as Ballmer handed Gates a large scrapbook as a farewell present.
Gates, who is stepping back to focus on his philanthropy, sat with CEO Ballmer in a Microsoft conference room and meandered through moments in Microsoft's history. They stopped to get in a few good digs at IBM Corp., whose first personal computers were loaded with Microsoft's DOS operating system before IBM adopted its own operating software and their relations strained.
They went off with OS 2, we were left with good old Windows, and sure enough the David versus Goliath story came out with the right ending,'' said Gates, eliciting laughter from the crowd of 830 Microsoft employees.
Gates, who founded Microsoft with Paul Allen in 1975, admitted that Microsoft has faltered along the way, and certainly isn't perfect today.
When we miss a big change, when we don't get great people on it, that is the most dangerous thing for us,'' Gates said. ``It has happened many times. It's OK, but the less the better.
'' Gates, who will remain Microsoft's chairman on a part-time basis, said he would still take on Microsoft projects picked by Ballmer and two other executives who have assumed most of his day-to-day tasks, Craig Mundie and Ray Ozzie.
One of those will be Web search, where Microsoft lags far behind Google Inc. and Yahoo Inc. in market share. With an acquisition of Yahoo now again apparently off the table, Gates threw his weight Friday behind a strategy of assembling a team of smart people and combining Microsoft's own breakthroughs with what competitors are already doing.
Search is the place where people probably really think, will Microsoft ever do anything there? We'll be the very best,'' Gates said. ``That is in full motion.
'' Gates also reinforced his intent to stay out of the company's day-to-day affairs.
I do think with my not being here full time there is some opportunity that people will really step up. There's somewhat of a vacuum created there,'' he said. ``I have got to get out of the way, and let that new thing step in there.
'' The most poignant moments came when Gates dropped out of technology prognostication mode _ the coming switch to using ink, voice and gesture to interact with computers, for example _ and shared candid and sometimes self-effacing banter about his early days with buddy Ballmer.
Freshman year at Harvard, Gates said, ``I was in this dorm up at Radcliffe, where the anti-social math types hung out. I belonged there.
'' He was introduced to fellow freshman Ballmer by a mutual friend. On their first date, they went to the movies to see an unlikely back-to-back showing of ``Singing in the Rain'' and ``A Clockwork Orange.
'' Ballmer, who has famously danced and jumped around stage at conferences, described a similarly silly and uninhibited Gates that evening.
So we come back from the movie, we're kind of dancing, we're both kind of playing Gene Kelly, and some guy wrestles me to the ground in our dorm,'' Ballmer said. It fell to Gates, who hardly qualifies as burly, to fend off the fellow student.
Ballmer also gave Gates grief about leaving for vacation in the middle of Ballmer's job interview, and forgetting to pack a tie for their first meeting with IBM.
Gates, playing up his absent-minded professor side, cracked up the employees in attendance _ they won a seat at the event in a lottery _ when he said Microsoft was so central in his life that he often found himself driving to its campus even when he was supposed to be headed somewhere else, like delivering his kids to school.
When it came time for Ballmer to make his public farewell to Gates, he joked about the inevitable inadequacy of a thank-you gift, and presented him with a large scrapbook embossed with Gates' signature. Then, the tears came.
We've been given an enormous, enormous opportunity. And Bill gave us that opportunity,'' Ballmer said, his face reddening. ``I want to thank Bill for that.
'' As the employees rose to their feet, Gates swiped at tears of his own.
Gates, who is stepping back to focus on his philanthropy, sat with CEO Ballmer in a Microsoft conference room and meandered through moments in Microsoft's history. They stopped to get in a few good digs at IBM Corp., whose first personal computers were loaded with Microsoft's DOS operating system before IBM adopted its own operating software and their relations strained.
They went off with OS 2, we were left with good old Windows, and sure enough the David versus Goliath story came out with the right ending,'' said Gates, eliciting laughter from the crowd of 830 Microsoft employees.
Gates, who founded Microsoft with Paul Allen in 1975, admitted that Microsoft has faltered along the way, and certainly isn't perfect today.
When we miss a big change, when we don't get great people on it, that is the most dangerous thing for us,'' Gates said. ``It has happened many times. It's OK, but the less the better.
'' Gates, who will remain Microsoft's chairman on a part-time basis, said he would still take on Microsoft projects picked by Ballmer and two other executives who have assumed most of his day-to-day tasks, Craig Mundie and Ray Ozzie.
One of those will be Web search, where Microsoft lags far behind Google Inc. and Yahoo Inc. in market share. With an acquisition of Yahoo now again apparently off the table, Gates threw his weight Friday behind a strategy of assembling a team of smart people and combining Microsoft's own breakthroughs with what competitors are already doing.
Search is the place where people probably really think, will Microsoft ever do anything there? We'll be the very best,'' Gates said. ``That is in full motion.
'' Gates also reinforced his intent to stay out of the company's day-to-day affairs.
I do think with my not being here full time there is some opportunity that people will really step up. There's somewhat of a vacuum created there,'' he said. ``I have got to get out of the way, and let that new thing step in there.
'' The most poignant moments came when Gates dropped out of technology prognostication mode _ the coming switch to using ink, voice and gesture to interact with computers, for example _ and shared candid and sometimes self-effacing banter about his early days with buddy Ballmer.
Freshman year at Harvard, Gates said, ``I was in this dorm up at Radcliffe, where the anti-social math types hung out. I belonged there.
'' He was introduced to fellow freshman Ballmer by a mutual friend. On their first date, they went to the movies to see an unlikely back-to-back showing of ``Singing in the Rain'' and ``A Clockwork Orange.
'' Ballmer, who has famously danced and jumped around stage at conferences, described a similarly silly and uninhibited Gates that evening.
So we come back from the movie, we're kind of dancing, we're both kind of playing Gene Kelly, and some guy wrestles me to the ground in our dorm,'' Ballmer said. It fell to Gates, who hardly qualifies as burly, to fend off the fellow student.
Ballmer also gave Gates grief about leaving for vacation in the middle of Ballmer's job interview, and forgetting to pack a tie for their first meeting with IBM.
Gates, playing up his absent-minded professor side, cracked up the employees in attendance _ they won a seat at the event in a lottery _ when he said Microsoft was so central in his life that he often found himself driving to its campus even when he was supposed to be headed somewhere else, like delivering his kids to school.
When it came time for Ballmer to make his public farewell to Gates, he joked about the inevitable inadequacy of a thank-you gift, and presented him with a large scrapbook embossed with Gates' signature. Then, the tears came.
We've been given an enormous, enormous opportunity. And Bill gave us that opportunity,'' Ballmer said, his face reddening. ``I want to thank Bill for that.
'' As the employees rose to their feet, Gates swiped at tears of his own.
Friday, June 27, 2008
The Rural India For Nokia Dials - June 27,2008
To position itself effectively in the rural market, mobile phone maker Nokia plans to offer internet based services, micro-finance, distribution, agricultural services and after sales and support services for the non-urban markets.
The company would also introduce these services in its mid-level mobile devices as well. The Finland-based company is looking at micro finance as a major initiative to increase mobile penetration in India from the current 26 per cent. With its large distribution in the country and nine Indian language support, it is working with a host of content providers and has started programmes for farmers, which include providing solutions from information on market prices for agricultural products to weather updates to financing options.
The company would also introduce these services in its mid-level mobile devices as well. The Finland-based company is looking at micro finance as a major initiative to increase mobile penetration in India from the current 26 per cent. With its large distribution in the country and nine Indian language support, it is working with a host of content providers and has started programmes for farmers, which include providing solutions from information on market prices for agricultural products to weather updates to financing options.
Second R&D Centre Sets Up Exensys Software - June 27,2008
Exensys Software Solutions Ltd has opened its second research and development (R&D) centre in Hi Tech City, Hyderabad. This R&D centre will house 500 engineers working on emerging and cutting edge technologies that will make eXensys the most advanced enterprise product in the world. With the unveil of eXensys 4.0 companies can now transform their businesses to gain greater efficiency, higher profitability and a competitive edge empowering them to face their current and future critical business challenges.
The Department State Ready Plug-And-Play Facilities - June 27,2008
As a part of its effort to foster and promote entrepreneurship in the IT sector in the State, the West Bengal Government has decided to expand its plug-and-play facilities to other cities in the State, such as Siliguri to start with. The IT department of the State already has plug-and-play facilities with a total of around 500 seats in Kolkata and Durgapur.
Thursday, June 26, 2008
GMR Infra Buys 50-Pc Stake In US Power Co Intergen - June 26, 2008
Hyderabad-based GMR Infrastructure Ltd has bought 50 per cent stake in Intergen, a power company based at Burlington in the US, for $ 1.1 billion. The company bought the stake from AIG Highstar Capital II fund. GMR will jointly own Intergen with the Ontario Teachers'' Pension Plan (Teachers''). Teachers'' has been a 50 per cent owner of Intergen since 2005. With $108.5 billion in net assets, it is the largest single-profession pension plan in Canada.Intergen is an independent power producer with operations in the UK, Mexico, the Philippines, Australia and the Netherlands. It has a turnover of $1.65 billion and EBITDA of $ 613 million for the year ending December 2007.
ING Vysya Bank To Open Two More Branches - June 26, 2008
ING Vysya Bank has decided to set up two more branches in the State - one at Pedanandipadu in Guntur district and the other at the Hyderabad''s international airport. The number of ING Vysya Bank ATMs has gone up to 207 in the country. The customers of 21 other notified banks can make use of its ATMs free of cost.
Idea Cellular All Set To Acquire Spice - June 26, 2008
Idea Cellular, part of the Aditya Birla group, is all set to buy 40.8 per cent stake in Spice Communications for about Rs 2,176 crore at a price of Rs 77.30 per share. Besides, Idea will also pay Rs 544 crore to the Spice group as non-compete fee, taking the total deal size to about Rs 2,700 crore.
Later, Idea will make a preferential allotment of 464 million shares to Malayasian telecom company, TM International (TMI), which at present holds about 39 per cent stake in Spice, at a price of Rs 156.96 per share. This represents 14.99 per cent of Idea''s equity capital post-allotment.
Later, Idea will make a preferential allotment of 464 million shares to Malayasian telecom company, TM International (TMI), which at present holds about 39 per cent stake in Spice, at a price of Rs 156.96 per share. This represents 14.99 per cent of Idea''s equity capital post-allotment.
Wednesday, June 25, 2008
Hyundai Offers Free Fuel With New Purchase - June 25 2008
In a bid to boost sales amidst rising fuel prices, Hyundai Motor India Ltd has come out with free fuel vouchers for every purchase of its Santro and i10 models.A free fuel voucher worth Rs 2,700 comes with every Santro and i10 model purchased between June 20 and June 30, the company said in a statement.
This is our way of helping customers cope with increased fuel costs and to demonstrate that the hike translates into just Rs 2,700 additional fuel bills for a period of 6 months, given the fuel efficiency of a Santro or an i10. The company said the free fuel offer corresponds to the amount a customer would have to pay for in the first six months because of the increased price. It is based on calculations that a regular customer is likely to use the car for to travel a distance of approximately 50kms every day.
This is our way of helping customers cope with increased fuel costs and to demonstrate that the hike translates into just Rs 2,700 additional fuel bills for a period of 6 months, given the fuel efficiency of a Santro or an i10. The company said the free fuel offer corresponds to the amount a customer would have to pay for in the first six months because of the increased price. It is based on calculations that a regular customer is likely to use the car for to travel a distance of approximately 50kms every day.
LIC To Reposition 3 Non-ULIP Products - June 25, 2008
Life Insurance Corp (LIC) is looking at repositioning three of its conventional non-ULIP products, Jeevan Tarang, Jeevan Anand and Jeevan Sathi, soon. The repositioning is being done to make the products popular with better publicity, said RR Dash.
At present, the sale ratio of ULIP to non-ULIP products is 80:20, and the target is to convert it to 70:30. Besides, products like Tarang and Anand have some special features, he said. In Tarang, even after the maturity, the policyholders will get survival benefit till 100 years of age. In case of Anand, they will get the life-cover even without paying the premium after maturity.
Market Plus -I covers life, accident benefit and critical illness for insurers from 18-75 years. The amount of critical illness benefit ranges from Rs 50,000 to Rs 10 lakh, and in case of accident, it is between Rs 25,000 and Rs 50 lakh. LIC has contributed Rs 1,583.26 crore as development loans to the state government. In terms of the amount, it is only secong to Maharashtra, where LIC contributed Rs 1,622.58 crore, Dash said. Last fiscal, the first-year premium income was to the tune of Rs 4,102 crore. At present, LIC is enjoying a market share of 63.64%.
At present, the sale ratio of ULIP to non-ULIP products is 80:20, and the target is to convert it to 70:30. Besides, products like Tarang and Anand have some special features, he said. In Tarang, even after the maturity, the policyholders will get survival benefit till 100 years of age. In case of Anand, they will get the life-cover even without paying the premium after maturity.
Market Plus -I covers life, accident benefit and critical illness for insurers from 18-75 years. The amount of critical illness benefit ranges from Rs 50,000 to Rs 10 lakh, and in case of accident, it is between Rs 25,000 and Rs 50 lakh. LIC has contributed Rs 1,583.26 crore as development loans to the state government. In terms of the amount, it is only secong to Maharashtra, where LIC contributed Rs 1,622.58 crore, Dash said. Last fiscal, the first-year premium income was to the tune of Rs 4,102 crore. At present, LIC is enjoying a market share of 63.64%.
Tuesday, June 24, 2008
Asian Paints Plant construction At Rohtak - June 24, 2008
Asian Paints has begun the construction state-of-the-art paint plant at the Industrial Model Township (IMT), Rohtak, Haryana. The new plant will have initial production capacity of 1.5 lakh KL and the company with hike its capacity to 4 lakh KL. The plant is located on 130 acres of land, and will manufacture both water and solvent based paints; including emulsions and resins. The project cost for the initial 1.5 Lakh KL capacity will be Rs. 400 Crores and the plant will start production by early 2010. Asian Paints will abide by all stringent environmental, health and safety standards, which it follows in all its manufacturing facilities.
In addition, a green belt of around 43 acres, rain water harvesting system, use of Solar Energy for street lights and water heating, are some of the other salient features as outlined in the blue print of the plant. The facility at Rohtak, Haryana will be the sixth paint plant of Asian Paints in India. The current paint plants of the company in the country are located at Mumbai, Ankleshwar (Gujarat), Kasna (Uttar Pradesh), Patancheru (Andhra Pradesh) and Sriperumbudur (Tamil Nadu) with a combined annual production capacity of 3.90 lakh.
In addition, a green belt of around 43 acres, rain water harvesting system, use of Solar Energy for street lights and water heating, are some of the other salient features as outlined in the blue print of the plant. The facility at Rohtak, Haryana will be the sixth paint plant of Asian Paints in India. The current paint plants of the company in the country are located at Mumbai, Ankleshwar (Gujarat), Kasna (Uttar Pradesh), Patancheru (Andhra Pradesh) and Sriperumbudur (Tamil Nadu) with a combined annual production capacity of 3.90 lakh.
Microsoft Plans To Phase Out Windows XP - June 24, 2008
If you are planning to buy a branded PC you may want to buy it this week itself because Microsoft plans to phase out they very popular Windows XP by the end of this year saying Windows Vista is ready to take over. Microsoft''s Vista version launched 18 months ago could not catch up with XP on the popularity charts and this even led the company to postpone the end of XP''s sales from January to this month.
So now for people looking to buy a computer from a branded store like HP or Compaq, will not come with XP loaded. One of windows biggest strengths of Windows XP is the familiarity that it brings with it. Since it took a while for the users to get used to XP and the same could be argued for Vista version.
But given the higher hardware requirements of the Vista, the transition may not be as seamless as Microsoft would like it to be - especially in a price sensitive market like India. Users may soon not have much of an option when it comes to choosing their operating system. Even as competitor Google is working on an operating system of its own for more in the industry, ironically the biggest threat to Vista may not be from Apple or Linux but Microsoft''s very own windows XP at least for now.
So now for people looking to buy a computer from a branded store like HP or Compaq, will not come with XP loaded. One of windows biggest strengths of Windows XP is the familiarity that it brings with it. Since it took a while for the users to get used to XP and the same could be argued for Vista version.
But given the higher hardware requirements of the Vista, the transition may not be as seamless as Microsoft would like it to be - especially in a price sensitive market like India. Users may soon not have much of an option when it comes to choosing their operating system. Even as competitor Google is working on an operating system of its own for more in the industry, ironically the biggest threat to Vista may not be from Apple or Linux but Microsoft''s very own windows XP at least for now.
Monday, June 23, 2008
Webel-Sl Energy - Voluntary Delisting of securities from CSE - June 23, 2008
Webel-Sl Energy Systems Ltd has informed that The Calcutta Stock Exchange Association Ltd (CSE) has granted the voluntary delisting of the listed securities of the Company under SEBI (Delisting of Securities) Guidelines 2003 vide their letter dated June 13, 2008.
Hence the Company is now de-listed from the official list of the Calcutta Stock Exchange Ltd with immediate effect.
Hence the Company is now de-listed from the official list of the Calcutta Stock Exchange Ltd with immediate effect.
Torrent Pharmaceuticals - Change Rta - June 23, 2008
Torrent Pharmaceuticals Ltd has informed that the Company has changed the Registrar & Transfer Agent (RTA) from MCS Ltd to Karvy Computer share Pvt Ltd. w.e.f. June 20, 2008.
Further the Company has note that both the depositories have shifted connectivity to Karvy Computer share Pvt Ltd w.e.f. June 20, 2008.
Further the Company has note that both the depositories have shifted connectivity to Karvy Computer share Pvt Ltd w.e.f. June 20, 2008.
Saturday, June 21, 2008
Hindalco To Capitalise On Novelis Know-How - June 21, 2008
Hindalco Industries, the country's largest producer of primary aluminum, will use its Novelis acumen to increase its "recycling capabilities."
The company, which is in the midst of raising funds through a share sale, is "identifying strategies" to plan a dream aluminium business across the globe.
"We are going to carve out recycled aluminium, which will become an important feature in our business," revealed Debu Bhattacharya, Hindalco MD, in an interaction with the media soon after the company announced fourth quarter results.
Hindalco is the midst of raising Rs 12,000 crore — its largest-ever fund raising — through a combination of equity and debt. The funds will help repay bridge loans raised to acquire North American aluminium major Novelis a year ago for $ 6 billion.
The company said it had a long-term plan to increase profitability. "We have to increase rolling capacities and increase recycling capabilities," said Bhattacharya. His plan to "sweat the assets more" for an "extremely rewarding experience" is to get Novelis to share its critical technology on recycling.
Hindalco is still a primary aluminium-maker, but hopes that in the coming years, customers will upgrade and automakers and beverage firms will opt to use more aluminium, like in the West.
Hindalco's blistering growth in the last three years through brownfield expansion and a slew of acquisitions, which included Novelis and a couple of Australian copper mines, saw consolidated revenues leap 211% to Rs 60,013 crore, with revenue from the aluminium business accounting for Rs 47,054 crore and copper revenue pegged at Rs 12,340 crore.
The results included Novelis' performance from May 16, 2007 to March 31, 2008.
Hindalco's plan vests in de-risking its business and beating the cyclicality of the commodity market. It plans to do this through a spread of currencies, by operating in several countries and being present across the aluminium value chain.
"Novelis doesn't produce anything for India, nor do we (Hindalco sell in their markets), said Bhattacharya. "We produce for the bottom end and they for the top end."
Bhattacharya's plan, "to move from a commodity portfolio to a value added portfolio", should be understood in this light.
The year under review has been tough for aluminium-makers. The rupee appreciated 11%, while aluminium prices on the London Metal Exchange fell by $41 per tonne. Further, all other costs, including coal, rose, increasing input costs. One tonne of aluminium, requires 16000 kw of power to make.
"Our earnings are in dollars, so whenever the rupee appreciates we suffer. Our business is energy intensive, and costs in this front are shooting up as well," said Bhattacharya. "Fortunately the rupee is not appreciating and we have a few captive coal mines now, which will help us put a ceiling on input costs," he added about the present scenario.
The company, which is in the midst of raising funds through a share sale, is "identifying strategies" to plan a dream aluminium business across the globe.
"We are going to carve out recycled aluminium, which will become an important feature in our business," revealed Debu Bhattacharya, Hindalco MD, in an interaction with the media soon after the company announced fourth quarter results.
Hindalco is the midst of raising Rs 12,000 crore — its largest-ever fund raising — through a combination of equity and debt. The funds will help repay bridge loans raised to acquire North American aluminium major Novelis a year ago for $ 6 billion.
The company said it had a long-term plan to increase profitability. "We have to increase rolling capacities and increase recycling capabilities," said Bhattacharya. His plan to "sweat the assets more" for an "extremely rewarding experience" is to get Novelis to share its critical technology on recycling.
Hindalco is still a primary aluminium-maker, but hopes that in the coming years, customers will upgrade and automakers and beverage firms will opt to use more aluminium, like in the West.
Hindalco's blistering growth in the last three years through brownfield expansion and a slew of acquisitions, which included Novelis and a couple of Australian copper mines, saw consolidated revenues leap 211% to Rs 60,013 crore, with revenue from the aluminium business accounting for Rs 47,054 crore and copper revenue pegged at Rs 12,340 crore.
The results included Novelis' performance from May 16, 2007 to March 31, 2008.
Hindalco's plan vests in de-risking its business and beating the cyclicality of the commodity market. It plans to do this through a spread of currencies, by operating in several countries and being present across the aluminium value chain.
"Novelis doesn't produce anything for India, nor do we (Hindalco sell in their markets), said Bhattacharya. "We produce for the bottom end and they for the top end."
Bhattacharya's plan, "to move from a commodity portfolio to a value added portfolio", should be understood in this light.
The year under review has been tough for aluminium-makers. The rupee appreciated 11%, while aluminium prices on the London Metal Exchange fell by $41 per tonne. Further, all other costs, including coal, rose, increasing input costs. One tonne of aluminium, requires 16000 kw of power to make.
"Our earnings are in dollars, so whenever the rupee appreciates we suffer. Our business is energy intensive, and costs in this front are shooting up as well," said Bhattacharya. "Fortunately the rupee is not appreciating and we have a few captive coal mines now, which will help us put a ceiling on input costs," he added about the present scenario.
Tata Indicom scheme - June 21, 2008
Hyderabad: Tata Indicom on Friday announced full talk-time facility for its prepaid subscribers, on recharge. These recharge coupons are available in three denominations of Rs 100, Rs 200 and Rs 330. Existing as well as new subscribers can avail this offer.
The offer is valid till July 15. The Circle Operating Officer, Tata Teleservices (Andhra Pradesh), S Ramakrishna, in a statement said “The prepaid journey started from True Paid. The tariff is simple, transparent and has no taxes attached to it.”
The offer is valid till July 15. The Circle Operating Officer, Tata Teleservices (Andhra Pradesh), S Ramakrishna, in a statement said “The prepaid journey started from True Paid. The tariff is simple, transparent and has no taxes attached to it.”
Friday, June 20, 2008
Exide Takes Over 51pc Stake In Lead Smelting Co - June 20, 2008
Lead acid storage battery company Exide Industries Ltd on June 18 declared the purchase of a 51 per cent stake in Leadage Alloys India Ltd, a lead smelting company located near Bangalore. Earlier this month the company''s board had cleared a maximum investment of up to Rs 35 crore for such an acquisition. Lead constitutes around 70 per cent of the material cost of a battery and its price has been extremely volatile in the past three years
Satyam Computer Secures ASTD Award - June 20, 2008
Satyam Computer on June 18 declared that it has forayed the American Society of Training and Development (ASTD) Excellence Practice Citation, a recognition that is part of ASTD''s 2007 Excellence in Workplace Learning and Performance Programme.
Thursday, June 19, 2008
No Intention Of Buying Ranbaxy: Pfizer - June 19, 2008
The Lipitor deal had further added to the speculation of Pfizer picking up a stake in Ranbaxy. But Pfizer on June 18 said that it has no intention of picking up stake in Ranbaxy. It described the Liptor deal, in which Ranbaxy would be allowed to launch generic versions of Lipitor before the patent on the drug expires, as pro-patient as well as a win-win situation for both companies. Earlier, on the same day Ranbaxy announced that it has settled its long-running dispute with Pfizer on the cholesterol-fighting drug, Lipitor, which is also among the world''s highest selling drug. The value accruing to Ranbaxy from one of the biggest settlements in the global pharma industry is seen exceeding $1.5 billion, say sources. The settlement covers key markets in eight countries, including the US. Lipitor has global annual sales of around $12 billion, with US sales exceeding $8 billion. Ranbaxy would also benefit from a substantial savings in legal costs from the Pfizer settlement
Honda Launches First Hybrid Car In India, At Rs 21.5 Lakh - June 19, 2008
Making a statement of its commitment to protect the environment, Japanese car major Honda on June 18 launched the first hybrid car in India, Civic Hybrid, priced at Rs 21.5 lakh (ex-showroom, Delhi). The car is powered by a 1.3 litre petrol engine and an electric motor that deliver 47 per cent enhanced fuel efficiency than a regular 1.8 litre Civic automatic transmission. Developed way back in 1999, the Civic Hybrid has sold over 2,60,000 units across the world and India is the 33rd country where Honda has launched the car. This is yet another step to strengthen Honda''s presence in India in line with our long term goal of bringing eco friendly vehicles. The company was not looking at volumes from the car but "is an opportunity to offer to customers technology we have. It is a Honda statement to protect the environment
Wednesday, June 18, 2008
Ashok Leyland buys stake in group co in Germany - June 18, 2008
Ashok Leyland on June 17 has made a strategic investment in Albonair GmbH, Germany. Both Ashok Leyland and Albonair belong to the Hinduja group. The infusion is for development of vehicle emission treatment and control systems and products. Albonair builds, produces and distributes exhaust after treatment systems for commercial vehicles. The components and systems are developed according to individual local necessities for all relevant markets. The development with the local manufacturers of commercial vehicles includes the integration of the systems into the total vehicle concept.
ICSA India receives approval for setting up Wind Power Project - June 18, 2008
ICSA India Ltd has informed that the Company has been awarded the permission by the Board of Non-Conventional Energy Development Corporation of Andhra Pradesh Ltd (NEDCAP) to set up a 20 MW Capacity Wind power project in Anantapur district of Andhra Pradesh.
This will enhance the revenues and shall reduce the Income tax burden of the Company.
Necessary steps will be taken up for entering into the power purchase agreement with DISCOM and to expeditiously complete the setting up of this Wind farm
This will enhance the revenues and shall reduce the Income tax burden of the Company.
Necessary steps will be taken up for entering into the power purchase agreement with DISCOM and to expeditiously complete the setting up of this Wind farm
Tuesday, June 17, 2008
JSW Steel To Establish $42mn Greenfield Project In Georgia - June 17, 2008
JSW Steel will establish a 1.75-lakh tonne steel plant in Georgia. It has formed a 49:51 per cent alliance with an UK-based company for the $42-million plant and will infuse about $7 million. The debt-equity ratio will be 2:1 and the European Bank for Reconstruction and Development has come forward to finance 50 per cent of the debt portion of $28 million. The project was hoped to become functional in 2008-09 and would cater to the local market there. The venture was more a sort of hedging the company had resorted to as it sourced its iron ore requirements in the domestic market. In the last 18 months the company has made huge investments on takeovers and expansion projects of about Rs 10,500 crore. The gains of the investment will flow from this year and by 2010 the company would invest another Rs 14,000 crore in various projects. JSW Steel has mulled to enhance it capacity from 4.8 mpta to 32mpta by 2020, besides targeting to achieve self sufficiency in coking coal and iron ore.
3i Infotech Names Amanda Morris CFO, Western Europe - June 17, 2008
3i Infotech, a global provider of IT solutions, on June 16, announces the appointment of Amanda Morris as Chief Financial Officer for Western Europe. Amanda joins 3i Infotech with a wealth of experience in the software and financial services space, having previously worked for ACT and Misys, based in Melbourne, Australia and Birmingham respectively. As part of her new role Amanda will take responsibility for the development and continued growth of the business'' commercial strategy and will form a key part of the existing Western European management team. Heading up the Finance division, Amanda will report directly to Chris Potts, President and Chief Operating Officer, 3i Infotech - Western Europe and will work closely with 3i Infotech''s global head office in Mumbai, India.
Citi launches global banking for globetrotters - June 17, 2008
Global financial services Citibank on June 16 announced the launch of Citigold Global Banking that will focus specifically on providing retail banking and wealth management in the Asia-Pacific region. Citigold Global Banking intends targeting those who travel a lot on business. India was a lucrative market, as the number of Indians getting overseas assignments was increasing, a Citibank spokesperson said. Often, a simple and routine transaction, such as opening a bank account, remitting money, buying a house, or taking a loan in case of emergencies, becomes extremely complicated on foreign shores. It is here that Citigold Global Banking will play a pivotal role in helping its clients. Wealth management and retail banking comprises investments, insurance, mortgage, business banking, retirement planning, succession planning and wealth transfer. Citibank estimates that in the Asia-Pacific region, the mass affluent segment is growing roughly at around 15 percent on an annual basis.
Monday, June 16, 2008
Nikkei Up 2.6%, Exporters Rise On Weaker Yen - June 16, 2008
Tokyo: Japan's Nikkei average rose 2.6 per cent on Monday as exporters such as Kyocera Corp climbed on a weaker yen and after US data eased worries on Wall Street about inflation and a near-term rise in interest rates.
The Tokyo market's gains picked up pace in the afternoon, partly buoyed by rises in other Asian markets, with Hong Kong's Hang Seng Index up 2.7 per cent.
Japan's largest auto battery maker GS Yuasa Corp shot up 9.4 per cent after after the Nikkei business daily reported that its partner in next-generation batteries, Mitsubishi Motors Corp tie up with France's PSA Peugeot Citroen on electric vehicles.
Exporters gained as the dollar fetched around 108.27 yen, holding near a four-month high. A softer yen boosts exporters' overseas profits when they are brought back home.
"As many Japanese companies set their earnings projections on the assumption of the dollar averaging 100 yen, there will be expectations for upward revisions if this forex trend continues," said Masayoshi Yano, a senior market analyst at Meiwa Securities.
As of 0410 GMT, the benchmark Nikkei gained 359.61 points to 14,333.34, after having lost 3.6 per cent last week.
The broader TOPIX index climbed 2 per cent to 1,398.36.
Trade was relatively thin with many investors taking a wait-and-see stance ahead of earnings announcements by major Wall Street investment banks, starting with Lehman Brothers later in the day.
"Lehman is the focus point. As long as its earnings come out without much surprise, there would not be much worry for other earnings that follow," Meiwa's Yano said.
Electronic parts maker Kyocera climbed 4.2 per cent to 10,580 yen and Canon Inc added 2.6 per cent to 5,580 yen.
GS Yuasa rose 9.4 per cent to 526 yen and Mitsubishi Motor gained 2 per cent to 205 yen.
The Tokyo market's gains picked up pace in the afternoon, partly buoyed by rises in other Asian markets, with Hong Kong's Hang Seng Index up 2.7 per cent.
Japan's largest auto battery maker GS Yuasa Corp shot up 9.4 per cent after after the Nikkei business daily reported that its partner in next-generation batteries, Mitsubishi Motors Corp tie up with France's PSA Peugeot Citroen on electric vehicles.
Exporters gained as the dollar fetched around 108.27 yen, holding near a four-month high. A softer yen boosts exporters' overseas profits when they are brought back home.
"As many Japanese companies set their earnings projections on the assumption of the dollar averaging 100 yen, there will be expectations for upward revisions if this forex trend continues," said Masayoshi Yano, a senior market analyst at Meiwa Securities.
As of 0410 GMT, the benchmark Nikkei gained 359.61 points to 14,333.34, after having lost 3.6 per cent last week.
The broader TOPIX index climbed 2 per cent to 1,398.36.
Trade was relatively thin with many investors taking a wait-and-see stance ahead of earnings announcements by major Wall Street investment banks, starting with Lehman Brothers later in the day.
"Lehman is the focus point. As long as its earnings come out without much surprise, there would not be much worry for other earnings that follow," Meiwa's Yano said.
Electronic parts maker Kyocera climbed 4.2 per cent to 10,580 yen and Canon Inc added 2.6 per cent to 5,580 yen.
GS Yuasa rose 9.4 per cent to 526 yen and Mitsubishi Motor gained 2 per cent to 205 yen.
For Satyam Computer, Innovation Begins At Home - June 16 ,2008
Beginning this month about a dozen people will join the ranks of 150-odd engineers and researchers, many of them PhDs from some of the best universities in the world, at Satyam's Automotive & Aerospace Centre of Excellence (AACE) in Chennai.
What's unusual is that many of them haven't even completed school yet: they are in the 8-18 years bracket.
Welcome to the Young Innovators Club of the $2 billion plus company.
Initially, members of the new club will be children of the current employees of Satyam though it could be extended to others if it succeeds in its objectives, says a senior company official.
"We expect them to ask questions we never asked about our own work," says Venkatesh Chandrasekharan, head automotive R&D Centre at the AACE, which boasts of the largest floor screens in the world with its 64 digital and eight analogue sensors that convert it into an interactive console for lifelike modeling and designing tool.
The centre, spread over 20,000 sq ft in the heart of Chennai's digital corridor, is a key component in Satyam's overall gameplan to capture the global market for manufacturing software.
Currently, manufacturing accounts for 24% of its revenues but when considered across verticals the extended footprint of its manufacturing services accounts for 40% of the revenues, says Subu D Subramanian, director and senior vice president, Satyam.
Automotive contributes 42% of the manufacturing revenues while aerospace and defence adds another 11% of it. Satyam's manufacturing practice includes eight of its top 25 customers.
Apart from developing solutions for customers, the AACE also takes up a few identified R&D projects to address industry requirements and challenges leading to innovation and intellectual property in defined areas.
Currently, the AACE is working on 12 such R&D innovation programmes for the automotive sector, mostly in collaboration with technical partners, academia, industry bodies and at times even customers—for instance the digital car project, the green aeroplane project or the mobile dealership solution.
Not surprisingly, the young innovators will work on projects involving automotive and robotics programmes.
They will be attached to one of the current projects and a mentor and come up with ideas that if successful could perhaps also result in implmentable solutions, hopes Venkatesh.
This exercise is in line with Satyam's initiative to work with various universities in the pre-competitive area for designing components with the active involvement of vendors and to their specifications. The company is even open to joint IP with the 25-odd universities it is looking to collaborate with.
What's unusual is that many of them haven't even completed school yet: they are in the 8-18 years bracket.
Welcome to the Young Innovators Club of the $2 billion plus company.
Initially, members of the new club will be children of the current employees of Satyam though it could be extended to others if it succeeds in its objectives, says a senior company official.
"We expect them to ask questions we never asked about our own work," says Venkatesh Chandrasekharan, head automotive R&D Centre at the AACE, which boasts of the largest floor screens in the world with its 64 digital and eight analogue sensors that convert it into an interactive console for lifelike modeling and designing tool.
The centre, spread over 20,000 sq ft in the heart of Chennai's digital corridor, is a key component in Satyam's overall gameplan to capture the global market for manufacturing software.
Currently, manufacturing accounts for 24% of its revenues but when considered across verticals the extended footprint of its manufacturing services accounts for 40% of the revenues, says Subu D Subramanian, director and senior vice president, Satyam.
Automotive contributes 42% of the manufacturing revenues while aerospace and defence adds another 11% of it. Satyam's manufacturing practice includes eight of its top 25 customers.
Apart from developing solutions for customers, the AACE also takes up a few identified R&D projects to address industry requirements and challenges leading to innovation and intellectual property in defined areas.
Currently, the AACE is working on 12 such R&D innovation programmes for the automotive sector, mostly in collaboration with technical partners, academia, industry bodies and at times even customers—for instance the digital car project, the green aeroplane project or the mobile dealership solution.
Not surprisingly, the young innovators will work on projects involving automotive and robotics programmes.
They will be attached to one of the current projects and a mentor and come up with ideas that if successful could perhaps also result in implmentable solutions, hopes Venkatesh.
This exercise is in line with Satyam's initiative to work with various universities in the pre-competitive area for designing components with the active involvement of vendors and to their specifications. The company is even open to joint IP with the 25-odd universities it is looking to collaborate with.
Jet Airways To Put Global Expansion On Hold - June 16, 2008
Shanghai: Jet Airways, India's top private airline, plans to put its international expansion on hold until the end of next year because of soaring oil prices, its chief commercial officer said on Monday.
"After this flight, we will probably only launch Dubai when we get the rights," Sudheer Raghavan told Reuters at a ceremony marking the launch of its new route between Mumbai and San Fransico via Shanghai.
"After that we are going to consolidate our international operations until the end of 2009, when we get new aircraft."
Raghavan also said the airline intended eventually to conduct an equity rights issue to raise funds, but that "this is not the right time" because of high oil prices and weak global stock markets.
In April, Jet's chairman Naresh Goyal said the airline was assessing the market for the launch of a rights issue. The company had previously said a rights issue might raise up to $400 million.
"After this flight, we will probably only launch Dubai when we get the rights," Sudheer Raghavan told Reuters at a ceremony marking the launch of its new route between Mumbai and San Fransico via Shanghai.
"After that we are going to consolidate our international operations until the end of 2009, when we get new aircraft."
Raghavan also said the airline intended eventually to conduct an equity rights issue to raise funds, but that "this is not the right time" because of high oil prices and weak global stock markets.
In April, Jet's chairman Naresh Goyal said the airline was assessing the market for the launch of a rights issue. The company had previously said a rights issue might raise up to $400 million.
Saturday, June 14, 2008
India, US Optimistic On Doha Trade Deal - June 14, 2008
New York: The bitter mud-slinging over which nation was holding up the World Trade Organisation’s (WTO) limping Doha Development Round eased on Thursday with India and the United States expressing guarded optimism that a breakthrough for opening up world trade may be around the corner.
Commerce and industry minister Kamal Nath met US trade representative Susan Schwab in Washington on Thursday for trade talks.
Indian officials described the discussions as “productive” and said they focused tightly on how senior officials of the two countries would work together in Geneva over the coming weeks to “narrow the differences and build on convergences.”
“This round will close with respecting each other’s sensitivities,” Nath told the Global Partnership Summit of the US India Business Council.
The minister also stressed that criticism in the United States that India was standing in the way of a deal was “unfair and inaccurate.” He said rich countries had to be sensitive to the fact that countries like India have hundreds of millions of people for whom agriculture is a matter of food security.
“We need to harmonise these sensitivities and get the maximum mileage we can ... No country can get everything, but no country is going to give everything away,” said Nath while expressing optimism about getting a new world trade round off the ground.
Reuters on Thursday quoted WTO director general Pascal Lamy as saying that negotiators might well draft a deal by the beginning of July. “I think it’s doable, but I’m not sure it will be done,” Lamy said in Stockholm. He noted that “we are quite close to the finishing line.”
Schwab, who later addressed the conference in Washington, said, “Something may be about to happen, folks, and I hope you’re paying attention.”
There is also a new sense of urgency among the WTO’s 152 member countries to steer the Doha round forward ahead of the US presidential election, which may cause years of further delays.
Supporters backing a deal worry that the new Democratic mantra “fair trade not free trade” may derail the Doha round in the event of power in the US shifting hands from the Republicans to the Democrats.
Reuters said that whether ministers are able to meet at the end of June or early in July depends on the progress of intensive consultations in Geneva this week and next to prepare the ground.
It quoted diplomats and officials saying that talks were making little progress on the deadlocked topic of tariff cuts for industrial goods.
Commerce and industry minister Kamal Nath met US trade representative Susan Schwab in Washington on Thursday for trade talks.
Indian officials described the discussions as “productive” and said they focused tightly on how senior officials of the two countries would work together in Geneva over the coming weeks to “narrow the differences and build on convergences.”
“This round will close with respecting each other’s sensitivities,” Nath told the Global Partnership Summit of the US India Business Council.
The minister also stressed that criticism in the United States that India was standing in the way of a deal was “unfair and inaccurate.” He said rich countries had to be sensitive to the fact that countries like India have hundreds of millions of people for whom agriculture is a matter of food security.
“We need to harmonise these sensitivities and get the maximum mileage we can ... No country can get everything, but no country is going to give everything away,” said Nath while expressing optimism about getting a new world trade round off the ground.
Reuters on Thursday quoted WTO director general Pascal Lamy as saying that negotiators might well draft a deal by the beginning of July. “I think it’s doable, but I’m not sure it will be done,” Lamy said in Stockholm. He noted that “we are quite close to the finishing line.”
Schwab, who later addressed the conference in Washington, said, “Something may be about to happen, folks, and I hope you’re paying attention.”
There is also a new sense of urgency among the WTO’s 152 member countries to steer the Doha round forward ahead of the US presidential election, which may cause years of further delays.
Supporters backing a deal worry that the new Democratic mantra “fair trade not free trade” may derail the Doha round in the event of power in the US shifting hands from the Republicans to the Democrats.
Reuters said that whether ministers are able to meet at the end of June or early in July depends on the progress of intensive consultations in Geneva this week and next to prepare the ground.
It quoted diplomats and officials saying that talks were making little progress on the deadlocked topic of tariff cuts for industrial goods.
SBI Talks ‘Ethical Incentives’ For Staff - June 14, 2008
Hyderabad: Public sector banks have a strong middle-class value system and that is what O P Bhatt, chairman of State Bank of India (SBI), is out to preserve.
And how does he plan to do it? By putting in place an “ethical incentive” scheme for the employees who, he believes, will not leave even though SBI does not offer high pay packages such as those offered by private and foreign banks.
SBI is seeking to put in place a structure that does not destroy the value system that has been ingrained into the employees’ genes for generations, Bhatt said.
A team of professors from the Indian Institutes of Management is being drafted to develop the incentive scheme, he said at a banking conference at the Indian School of Business in Hyderabad.
The “Chairman’s Club” at SBI is one such attempt where high performers are invited with their spouse to have dinner at the chairman’s house. The experience does more than what a financial incentive can achieve, he stressed.
“Remember we are a public sector bank and have constraints. We can’t throw money like these guys,” Bhatt said even as his rivals, Axis Bank chairman & CEO PJ Nayak and Citigroup India CEO Sanjay Nayar, watched on in some discomfort at the panel discussion on Competitiveness of Indian Commercial Banks.
Since he took over as the chairman of India’s largest bank in 2006, Bhatt has been on a mission to transform the bank into a competitive and modern entity through a programme called Parivartan.
More recently, as part of a new hub and spoke system, where the branches will only be front-ending operations, 3,000 branches have been redesigned for better customer relations.
Soon, SBI will have computerised queue management systems where a customer can seek services such as bank drafts etc by appointment.
More importantly, addressing the talent shortage issue the bank is recruiting 20,000 more this year.
“This is the single-highest intake anywhere in the world and you could enter us into the Guinness Book of World Records for this,” he said.
But then it is not just customer relations that matters, came the repartee from Citi’s Nayar, who insisted foreign bankers do not necessarily work only for money.
“A significant number of our new small and medium enterprises clients are from SBI and other PSU banks. This goes to show that banking is more than just customer service,” Nayar said.
He asked Bhatt to direct his managers to start cross-selling products and services. “That will make our life more difficult,” Nayar jousted.
“The competitive positioning of Citi is based on the universal banking model and we have been growing well despite the constrained by regulation and restricted market access and high tax rates in India,” Nayar said, demanding a level playing field between Indian and foreign banks in the country.
And how does he plan to do it? By putting in place an “ethical incentive” scheme for the employees who, he believes, will not leave even though SBI does not offer high pay packages such as those offered by private and foreign banks.
SBI is seeking to put in place a structure that does not destroy the value system that has been ingrained into the employees’ genes for generations, Bhatt said.
A team of professors from the Indian Institutes of Management is being drafted to develop the incentive scheme, he said at a banking conference at the Indian School of Business in Hyderabad.
The “Chairman’s Club” at SBI is one such attempt where high performers are invited with their spouse to have dinner at the chairman’s house. The experience does more than what a financial incentive can achieve, he stressed.
“Remember we are a public sector bank and have constraints. We can’t throw money like these guys,” Bhatt said even as his rivals, Axis Bank chairman & CEO PJ Nayak and Citigroup India CEO Sanjay Nayar, watched on in some discomfort at the panel discussion on Competitiveness of Indian Commercial Banks.
Since he took over as the chairman of India’s largest bank in 2006, Bhatt has been on a mission to transform the bank into a competitive and modern entity through a programme called Parivartan.
More recently, as part of a new hub and spoke system, where the branches will only be front-ending operations, 3,000 branches have been redesigned for better customer relations.
Soon, SBI will have computerised queue management systems where a customer can seek services such as bank drafts etc by appointment.
More importantly, addressing the talent shortage issue the bank is recruiting 20,000 more this year.
“This is the single-highest intake anywhere in the world and you could enter us into the Guinness Book of World Records for this,” he said.
But then it is not just customer relations that matters, came the repartee from Citi’s Nayar, who insisted foreign bankers do not necessarily work only for money.
“A significant number of our new small and medium enterprises clients are from SBI and other PSU banks. This goes to show that banking is more than just customer service,” Nayar said.
He asked Bhatt to direct his managers to start cross-selling products and services. “That will make our life more difficult,” Nayar jousted.
“The competitive positioning of Citi is based on the universal banking model and we have been growing well despite the constrained by regulation and restricted market access and high tax rates in India,” Nayar said, demanding a level playing field between Indian and foreign banks in the country.
Friday, June 13, 2008
Motorola Plans Bollywood Tones For Handsets - June 13, 2008
Betting big on Indian market, world''s third largest mobile handset maker Motorola is planning to score music tones and tracks with a dash of Bollywood and regional flavour for its handsets. The US-based company says it would not be just Hindi movies, better known as Bollywood, but an amazing array of regional songs in local dialects and in foreign languages are also on anvil. The company has acquired Singapore-based Soundbuzz, said to be Asia''s largest digital music company for the purpose of integrating Bollywood music in ring tones in its handsets. Several handset operators took part in the two-day conference aimed at capitalising on the average user''s craze for enjoying music via the handset
Bajaj Allianz Life To Increase Capital Base - June 13, 2008
Bajaj Allianz Life Insurance, a joint venture between the Bajaj group (Bajaj Finserv) and Allianz, is expecting capital infusion of around Rs 500 crore from its promoters this fiscal. The company''s current capital base stood at Rs 1,210 crore which would be further hiked by around Rs 500 crore.
Bajaj Allianz Life reported a net loss of Rs 19 crore in the last fiscal and the company hopes to wipe out its earlier losses by bringing down expenses. At present, ULIPs contribute 95 per cent of the company''s business and its funds under management stand at Rs 14,000 crore. On June 12, Bajaj Allianz Life forged alliance with Thomas Cook for the distribution of life insurance policies. As a corporate agent, Thomas Cook will sell Bajaj Allianz''s products across its 160 retail branches.
Bajaj Allianz Life reported a net loss of Rs 19 crore in the last fiscal and the company hopes to wipe out its earlier losses by bringing down expenses. At present, ULIPs contribute 95 per cent of the company''s business and its funds under management stand at Rs 14,000 crore. On June 12, Bajaj Allianz Life forged alliance with Thomas Cook for the distribution of life insurance policies. As a corporate agent, Thomas Cook will sell Bajaj Allianz''s products across its 160 retail branches.
JSW Steel Inaugurates Branded Showroom In Ahmedabad - June 13, 2008
JSW Steel inaugurated JSW Shoppe, an exclusive steel retail outlet in Ahmedabad on 12 June 2008. This exclusive showroom is JSW Steel''s first in Gujarat.This novel marketing initiative will go a long way in creating brand awareness about JSW Steel''s superior product quality and will ensure that the customers get full value for money. JSW Steel has two shoppes at Hubli Karnataka, one at Jaipur - Rajasthan and one in Kolhapur - Maharashtra. The company plans to open around 25 such shoppes in a short span and subsequently will have a pari-India presence with over 600 branded outlets.
JSW steel is in the midst of an exponential growth. Its steel plants in Karnataka and Tamil Nadu together produce around 4.8 million tonnes of steel per annum. By mid 2008, the capacity will increase to around 8 million tonnes per annum. With steel plants coming up in West Bengal and Jharkhand, JSW Steel aims to produce 31 million tonnes of steel by the year 2020. The company made this announcement during the trading hours today, 12 June 2008.
JSW steel is in the midst of an exponential growth. Its steel plants in Karnataka and Tamil Nadu together produce around 4.8 million tonnes of steel per annum. By mid 2008, the capacity will increase to around 8 million tonnes per annum. With steel plants coming up in West Bengal and Jharkhand, JSW Steel aims to produce 31 million tonnes of steel by the year 2020. The company made this announcement during the trading hours today, 12 June 2008.
Thursday, June 12, 2008
Logica Keen To Tap Indian Market - June 12, 2008
Bangalore:European IT and business services company Logica, which caters largely to European clients, is keen to tap the Indian market.
Logica already works with a few Indian clients such as RBI and Bank of Baroda. The company now hopes to enhance its India client portfolio and bring into the market its expertise in five verticals — energy and utilities; industry, distribution and transport; telecom and media; financial services; and public sector. It is especially looking to focus on emerging areas such as hydrocarbon accounting and mobile virtual network operations.
Emerging areas
G B S Bindra, Global Innovation Director, Logica, said, “India is getting ready for such solutions. With oil and gas being explored of late, we are looking to bring solutions such as hydrocarbon accounting to the country. In the telecom space, we are also looking to develop a virtual telecom operation platform — i.e. companies will own brands and not the network; we can provide the technical expertise.”
Logica expects the Indian government to allow MVNOs (mobile virtual network operators) to operate in the Indian market soon, said Bindra, at a press conference to announce Logica’s latest solution — EURIDICE, an intelligent cargo system for secure freight transportation in Europe. Work on this has begun and once completed, the solution will “enable cargo to interact with its surrounding environment and actively notify its presence and identify requirements.”
Bindra said the idea was conceived and architected in its India centre in Bangalore, before being developed upon in Europe.
Headcount
Logica plans to double headcount in India by the end of 2009. Currently, its Bangalore centre employs around 3,000 people. By early August, Logica’s new facility in Chennai is expected to start operations. It will alone house around 1,500 employees, said Abhay Gupte, CEO India, Logica.
Logica already works with a few Indian clients such as RBI and Bank of Baroda. The company now hopes to enhance its India client portfolio and bring into the market its expertise in five verticals — energy and utilities; industry, distribution and transport; telecom and media; financial services; and public sector. It is especially looking to focus on emerging areas such as hydrocarbon accounting and mobile virtual network operations.
Emerging areas
G B S Bindra, Global Innovation Director, Logica, said, “India is getting ready for such solutions. With oil and gas being explored of late, we are looking to bring solutions such as hydrocarbon accounting to the country. In the telecom space, we are also looking to develop a virtual telecom operation platform — i.e. companies will own brands and not the network; we can provide the technical expertise.”
Logica expects the Indian government to allow MVNOs (mobile virtual network operators) to operate in the Indian market soon, said Bindra, at a press conference to announce Logica’s latest solution — EURIDICE, an intelligent cargo system for secure freight transportation in Europe. Work on this has begun and once completed, the solution will “enable cargo to interact with its surrounding environment and actively notify its presence and identify requirements.”
Bindra said the idea was conceived and architected in its India centre in Bangalore, before being developed upon in Europe.
Headcount
Logica plans to double headcount in India by the end of 2009. Currently, its Bangalore centre employs around 3,000 people. By early August, Logica’s new facility in Chennai is expected to start operations. It will alone house around 1,500 employees, said Abhay Gupte, CEO India, Logica.
Educomp Solutions - LOI For 890 New Schools In Andhra Pradesh - June 12, 2008
Educomp Solutions Ltd has informed that Educomp has received Letter of Intent (LOI) from School Education Department, Government of Andhra Pradesh for implementation of Computer Aided Learning in 890 High Schools in Andhra Pradesh under BOOT model. Agreement with School Education Department, Government of Andhra Pradesh will be signed shortly.
With this order the total number of schools in the Educomp portfolio has gone upto 7289.
Educomp has also added one new state to its existing base of operations. Educomp now works with 12 states in India.
With this order the total number of schools in the Educomp portfolio has gone upto 7289.
Educomp has also added one new state to its existing base of operations. Educomp now works with 12 states in India.
Wednesday, June 11, 2008
Tata Communications Joins Hands With Neotel - June 11, 2008
Tata Communications on Tuesday announced the further expansion of its network reach into Africa through an arrangement with Neotel, South Africa''s first converged communications network operator. The new multi-service Point of Presence (PoP) established in Johannesburg, South Africa, seamlessly integrates with Neotel''s next generation network and IP/MPLS infrastructure for onward national and regional connectivity.
The new PoP offers MPLS, Ethernet, IP and International Private Leased Circuit (IPLC) services, connecting through Tata Communications'' global network to over 600 cities in 50 countries and onwards to customers in over 200 countries. Customers in South Africa can now access Tata Communications'' full global suite of products, including solutions for voice and data connectivity, managed security services, application traffic optimisation and management, managed storage and hosted applications, collaboration services, server management, co-location and content distribution.
The company plans to continue to extend its global presence, with a focus on emerging markets in West Asia, Eastern Europe, South America and Southeast Asia. Recent additions to the network footprint include China, Egypt, Malaysia and the Philippines.
The new PoP offers MPLS, Ethernet, IP and International Private Leased Circuit (IPLC) services, connecting through Tata Communications'' global network to over 600 cities in 50 countries and onwards to customers in over 200 countries. Customers in South Africa can now access Tata Communications'' full global suite of products, including solutions for voice and data connectivity, managed security services, application traffic optimisation and management, managed storage and hosted applications, collaboration services, server management, co-location and content distribution.
The company plans to continue to extend its global presence, with a focus on emerging markets in West Asia, Eastern Europe, South America and Southeast Asia. Recent additions to the network footprint include China, Egypt, Malaysia and the Philippines.
LIC Eyes 4 Million Policies Sales In Rural Areas - June 11,2008
Life Insurance Corporation of India (LIC) is eyeing to sell four million policies in rural areas in the current financial year. Previous year, LIC sold over 5 crore insurance policies, of which over 1.1 crore went to rural areas. The insurance penetration in urban India is 47 per cent (which means that almost one out of every two paid workers in urban India is insured), while it is only 27 per cent in rural areas.
Tata Motors To Mobilise $1 Billion - June 11, 2008
Tata Motors on June 10 said it was looking at further acquisition opportunities and strategic alliances in India and abroad and is seeking to raise $1 billion in debt or equity from the overseas market.
The company is seeking the shareholders'' consent for raising up to $1 billion through the issue of Foreign Currency Convertible Bonds (FCCBs) or equity shares in the international market, the circular said. Besides, it has sought shareholders'' nod for raising the company''s borrowing limit to Rs. 20,000 crore ($5 billion). As part of its long term funding plans, it would raise Rs. 7,200 crore through three simultaneous but separate rights issues to part-finance its $2.3-billion buyout of Jaguar and Land Rover. The shareholders'' nod have also been sought to raise $500-600 million (Rs. 2,700 crore) in the international market, which would be out of the approval sought for $1 billion.
The company is seeking the shareholders'' consent for raising up to $1 billion through the issue of Foreign Currency Convertible Bonds (FCCBs) or equity shares in the international market, the circular said. Besides, it has sought shareholders'' nod for raising the company''s borrowing limit to Rs. 20,000 crore ($5 billion). As part of its long term funding plans, it would raise Rs. 7,200 crore through three simultaneous but separate rights issues to part-finance its $2.3-billion buyout of Jaguar and Land Rover. The shareholders'' nod have also been sought to raise $500-600 million (Rs. 2,700 crore) in the international market, which would be out of the approval sought for $1 billion.
Tuesday, June 10, 2008
Consumer Loans Becoming Unafforadable: Kamath - June 10, 2008
Attributing the reason for slowdown in consumer finance to high interest rates, ICICI Bank CEO K V Kamath on Monday said its affordbility is becoming a challenge. Availability of (consumer) finance is there today but affordbility is getting to be a challenge, Kamath said while talking about outlook on consumer finance business. Bulk of the business in the segment comes from auto loan and advances for white goods.
Consumer durable sector witnessed a sluggish growth during 2007-08. As per the latest data, the consumer durables sector showed a decline of 2.1 per cent in March 2008 from 3.8 per cent in the same month last year.According to analysts, one of the factors for the poor performance of the sector has been high interest rates, along with the cyclical nature of the business.In April, ICICI Bank jacked up auto loans in between 50-75 basis points for certain segments of auto loans.Auto loan prior to the hike was in the range of 13.5-14 per cent which have gone up by 0.75 per cent during the month.
Consumer durable sector witnessed a sluggish growth during 2007-08. As per the latest data, the consumer durables sector showed a decline of 2.1 per cent in March 2008 from 3.8 per cent in the same month last year.According to analysts, one of the factors for the poor performance of the sector has been high interest rates, along with the cyclical nature of the business.In April, ICICI Bank jacked up auto loans in between 50-75 basis points for certain segments of auto loans.Auto loan prior to the hike was in the range of 13.5-14 per cent which have gone up by 0.75 per cent during the month.
Zydus Cadila Acquires South African Firm - June 10, 2008
Zydus Cadila has acquired a 70 per cent stake in South African generic drug firm Simayla Pharmaceuticals. The acquisition was made through Zydus Healthcare SA Pty Ltd, the wholly-owned subsidiary of Zydus Cadila. According to the agreement between the two companies, the remaining stake will continue to be held by Simayla promoter Ben Classen. Simayla''s turnover for the current year is expected to touch ZAR (South African Rand) 40.5 million or Rs 220.7 million. Zydus Cadila chairman and managing director Pankaj Patel described South Africa as a key market. Zydus estimates that the acquisition would open up several opportunities in a market that is estimated to touch $4.62 billion over the next three years. With South Africa providing healthcare to up to 80 per cent of its population, Zydus sees a huge potential for growth in the generic sector, expected to account for 30 per cent of the total drug market by 2011. The products marketed by Simayla fall in the cardio-vascular, anti-infective, respiratory, gastro-intestinal and women''s healthcare segments, which are also the Zydus group''s focus areas, the company said in a statement.
Over the next three years, Zydus plans to launch 50 products in the market. A strong product pipeline for South Africa is already in place with 49 filings, 21 of which have been approved for marketing. With Simayla, the number of acquisitions by the Zydus group since 2003 has gone up to five.
Over the next three years, Zydus plans to launch 50 products in the market. A strong product pipeline for South Africa is already in place with 49 filings, 21 of which have been approved for marketing. With Simayla, the number of acquisitions by the Zydus group since 2003 has gone up to five.
BSNL Slashes STD Rates Up To 50% - June 10, 2008
BSNL announced a 40-50 per cent reduction in STD charges of cellular services under various plans.It also announced to slash the call charges of landline services by 50 per cent.Under the landline services, STD rates have been reduced from Rs 2.40 to 1.20 paise per minute to all networks in general and ''sulabh'' plan. Roaming charges under prepaid and postpaid services have also been revised.Earlier this year, private telecom operators like Airtel and Vodafone had reduced their STD and roaming charges.
Monday, June 9, 2008
LIC''s Agent Grooming Model Elicits Good Response - June 9, 2008
Life Insurance Corporation of India has elicited good response from high-performing senior agents under its ''Chief Life Insurance Advisors'' (CLIA) programme. Under this model, LIC will offer some of its high-performing agents the opportunity to be ''Chief Life Insurance Advisors''. The new candidates will be trained and placed under the supervision of the CLIA. Each of the CLIAs would be required to maintain a minimum of 5 and maximum of 25 supervised agents at the end of the first year. Registration for CLIA would close on July 31.
ICICI Bank Receives Award For Remittance Business - June 9, 2008
ICICI Bank has won an award from The Asian Banker Excellence in Retail Financial Services programme for the bank''s outstanding performance in its remittance business in 2007. The award was made by the Asian Banker Excellence in Retail Financial Services 2007 in conjunction with the region''s most prestigious retail banking event, the Excellence in Retail Financial Services Convention which was held at The Westin Grande Sukhumvit hotel in Bangkok.
About 150 senior bankers from award-winning banks in 23 countries from Asia Pacific, and Gulf region were present at the award ceremony. The awards programme, administered by The Asian Banker and refereed by prominent bankers, consultants and academics from around the world, is the most prestigious award of its kind. The scorecard used to determine the winners and the position of the different retails banks in the region is attached. This is the second time ICICI Bank received this award.Leveraging customer willingness to pay for convenience and speed reliance on currency conversion revenue, ICICI Bank has introduced a slew of timely fee-based premium products and services in 2007.The bank''s instant online remittance fee product has become the single largest channel in its key UK and Canadian markets and has exceeded contributions from its biggest branches three months after the launch. Significantly, ICICI Bank has also opened a new instant call-in remittance service, expanding fee and cross-selling opportunities.
About 150 senior bankers from award-winning banks in 23 countries from Asia Pacific, and Gulf region were present at the award ceremony. The awards programme, administered by The Asian Banker and refereed by prominent bankers, consultants and academics from around the world, is the most prestigious award of its kind. The scorecard used to determine the winners and the position of the different retails banks in the region is attached. This is the second time ICICI Bank received this award.Leveraging customer willingness to pay for convenience and speed reliance on currency conversion revenue, ICICI Bank has introduced a slew of timely fee-based premium products and services in 2007.The bank''s instant online remittance fee product has become the single largest channel in its key UK and Canadian markets and has exceeded contributions from its biggest branches three months after the launch. Significantly, ICICI Bank has also opened a new instant call-in remittance service, expanding fee and cross-selling opportunities.
Tricom India - Result Of Postal Ballot - June 9, 2008
Tricom India Ltd has informed that the Members of the Company have completed the process of Voting by Postal Ballot, held in pursuance of the resolution of the Meeting of the Board of Directors held on May 02, 2008, in respect of the following Resolutions:
1. Special Resolution under Section 372A of the Companies Act, 1956 for Investments, Inter Corporate Loans, Guarantees / Security in excess of the prescribed limits.
2. Special Resolution under Section 81 (1A) of the Companies Act, 1956 for Issue of Optionally Fully Convertible Debenture of Rs 10/- each on preferential basis towards part consideration for the acquisition of Godrej Global Solutions Ltd.
3. Ordinary Resolution under Section 94 of the Companies Act, 1956 for Sub-division of Equity Shares of the Company from Rs 10/- each to Rs 2/- each.
4. Special Resolution under Section 16 and 31 of the Companies Act, 1956 for Consequential amendment to the Memorandum and Articles of Association of the Company due to sub-division of Equity Shares.
All the above resolutions, as per the results declared on June 07, 2008, have passed by special / ordinary resolutions with requisite majority.
1. Special Resolution under Section 372A of the Companies Act, 1956 for Investments, Inter Corporate Loans, Guarantees / Security in excess of the prescribed limits.
2. Special Resolution under Section 81 (1A) of the Companies Act, 1956 for Issue of Optionally Fully Convertible Debenture of Rs 10/- each on preferential basis towards part consideration for the acquisition of Godrej Global Solutions Ltd.
3. Ordinary Resolution under Section 94 of the Companies Act, 1956 for Sub-division of Equity Shares of the Company from Rs 10/- each to Rs 2/- each.
4. Special Resolution under Section 16 and 31 of the Companies Act, 1956 for Consequential amendment to the Memorandum and Articles of Association of the Company due to sub-division of Equity Shares.
All the above resolutions, as per the results declared on June 07, 2008, have passed by special / ordinary resolutions with requisite majority.
Saturday, June 7, 2008
RBI Moves SC In Sahara Case - June 7, 2008
The Reserve Bank of India versus Sahara battle on Friday moved to the Supreme Court.
The central bank challenged a high court stay order on its decision to bar Sahara India Financial (SIFCL) from accepting deposits. RBI claims it wasn't even heard by the high court on the issue.
Sahara gets HC stay on RBI ban
Former solicitor general T R Andhayrujina pleaded for RBI and sought early hearing in the appeal. A vacation bench, headed by justice Arijit Pasayat, said it would hear the appeal on Monday, June 9. Former additional solicitor general Mukul Rohtagi appeared for SIFCL.
The stay against the RBI order came on Thursday, from the Lucknow bench of the Allahabad High Court, a day after RBI banned the para-banking company from accepting fresh deposits or renewing old ones.
SIFCL has about Rs 18,000 crore deposits, made by at least 4 crore people.
RBI has stated violations over maintenance of directed investments, payment of minimum interest rate, asset-liability management guidelines and know-your-customer (KYC) norms for its decision.
The central bank challenged a high court stay order on its decision to bar Sahara India Financial (SIFCL) from accepting deposits. RBI claims it wasn't even heard by the high court on the issue.
Sahara gets HC stay on RBI ban
Former solicitor general T R Andhayrujina pleaded for RBI and sought early hearing in the appeal. A vacation bench, headed by justice Arijit Pasayat, said it would hear the appeal on Monday, June 9. Former additional solicitor general Mukul Rohtagi appeared for SIFCL.
The stay against the RBI order came on Thursday, from the Lucknow bench of the Allahabad High Court, a day after RBI banned the para-banking company from accepting fresh deposits or renewing old ones.
SIFCL has about Rs 18,000 crore deposits, made by at least 4 crore people.
RBI has stated violations over maintenance of directed investments, payment of minimum interest rate, asset-liability management guidelines and know-your-customer (KYC) norms for its decision.
War For DTH Spoils Intensifies - June 7, 2008
Mumbai: Even before the battlefield is joined by more fighters —- specifically, the Reliance Anil Dhirubhai Ambani Group and the Sunil Bharti Mittal camp —- the war for direct to home (DTH) television spoils is intensifying.
Segment leader Dish TV had attacked Tata Sky for putting out wrong claims when it advertised offering set-top boxes for Rs 1,500 along with a subscription rate of Rs 200; and Tata Sky recently went to court over Dish TV’s ‘free set-top box’ advertisements.
Tata Sky filed a complaint before Monopolies and Restrictive Trade Practices Commission, New Delhi against Dish TV stating that Dish TV’s ads talked about offering “free set-top boxes,” but in actuality, the money was being recovered through rentals.
Dish TV counters that it is currently running three schemes out of which, the set-top box is given free only under the Rs 3,990 scheme.
This has also been very clearly brought out in its advertisements, the company said.
Tata Sky then filed a writ in the Delhi High Court over the same issue, but only to withdraw the petition.
Dish TV said in a statement to DNA Money that “the high court, on hearing the parties, decided that at present there was no relief required to be granted to Tata Sky, and ordered Tata Sky to withdraw the petition since it was inclined to dismiss it.”
Tata Sky, however, said the writ was withdrawn to peruse all remedies as per law and no observations have been made by the court.
Meantime, the Monopolies and Restrictive Trade Practices Commission will hear the case on July 11.
Dish TV sources said Tata Sky had mentioned in its petition that because of the ad campaign the sales of Dish TV have doubled compared with its own.
A Tata Sky spokesperson refused to comment on this.
Analysts Shubham Majumder and Nitin Mohta of Macquarie Research Equities said in a report in end-March that for the last financial year, Dish TV’s subscriber base would be around 3.1 million, which tantamounts to an almost 60% market share, while Tata Sky’s subscriber base would be 1.7 million.
The report also states that Dish TV, a part of Subhash Chandra’s Essel Group, was adding more than 1,00,000 subscribers a month.
Segment leader Dish TV had attacked Tata Sky for putting out wrong claims when it advertised offering set-top boxes for Rs 1,500 along with a subscription rate of Rs 200; and Tata Sky recently went to court over Dish TV’s ‘free set-top box’ advertisements.
Tata Sky filed a complaint before Monopolies and Restrictive Trade Practices Commission, New Delhi against Dish TV stating that Dish TV’s ads talked about offering “free set-top boxes,” but in actuality, the money was being recovered through rentals.
Dish TV counters that it is currently running three schemes out of which, the set-top box is given free only under the Rs 3,990 scheme.
This has also been very clearly brought out in its advertisements, the company said.
Tata Sky then filed a writ in the Delhi High Court over the same issue, but only to withdraw the petition.
Dish TV said in a statement to DNA Money that “the high court, on hearing the parties, decided that at present there was no relief required to be granted to Tata Sky, and ordered Tata Sky to withdraw the petition since it was inclined to dismiss it.”
Tata Sky, however, said the writ was withdrawn to peruse all remedies as per law and no observations have been made by the court.
Meantime, the Monopolies and Restrictive Trade Practices Commission will hear the case on July 11.
Dish TV sources said Tata Sky had mentioned in its petition that because of the ad campaign the sales of Dish TV have doubled compared with its own.
A Tata Sky spokesperson refused to comment on this.
Analysts Shubham Majumder and Nitin Mohta of Macquarie Research Equities said in a report in end-March that for the last financial year, Dish TV’s subscriber base would be around 3.1 million, which tantamounts to an almost 60% market share, while Tata Sky’s subscriber base would be 1.7 million.
The report also states that Dish TV, a part of Subhash Chandra’s Essel Group, was adding more than 1,00,000 subscribers a month.
Friday, June 6, 2008
Suzlon Energy - Acquisition Of Areva''s Share In Repower - June 6, 2008
Suzlon Energy Ltd has informed that the Company has signed a Share Purchase Agreement with Areva for acquisition of Arevas total stake of approximately 30% in REpower Systems AG, Germany (REpower). This acquisition shall consolidate the Companys total holding in REpower to approximately 66%.
With this acquisition and through voting pooling agreement with Martifer of Portugal, another major shareholder of REpower, the Company enjoys voting rights of approximately 89% in REpower subject to certain minority protection and other rights.
With this acquisition and through voting pooling agreement with Martifer of Portugal, another major shareholder of REpower, the Company enjoys voting rights of approximately 89% in REpower subject to certain minority protection and other rights.
SBI - Signing Of Joint Venture Agreement - June 6, 2008
State Bank of India (SBI) has informed that the Bank has signed, on June 05, 2008, a Joint Venture Agreement with Societe Generale Securities Services (SGSS), a division of Societe Generale Group, to form a Joint Venture Company which will offer Custody and related services in India. The formation of the Company will be subject to receipt of necessary regulatory clearances / approvals. SBI and SGSS will hold 65% and 35% respectively of the equity in the new Company.
Fortis Financial - Surrender Of NBFC License - June 6, 2008
Fortis Financial Services Ltd has informed that pursuant to the approval of Board of Directors of the Company at its meeting held on January 05, 2008 for making an application to Reserve Bank of India (RBI) for surrender of its NBFC registration, RBI vide its order dated June 02, 2008 has cancelled by surrender the said NBFC registration.
Now the Company has initiated the process of change of name to Religare Technova Ltd and alters the main objects so as to carry on IT and IT related activities only by deleting the objects of a NBFC from the Memorandum of Association of the Company.
Now the Company has initiated the process of change of name to Religare Technova Ltd and alters the main objects so as to carry on IT and IT related activities only by deleting the objects of a NBFC from the Memorandum of Association of the Company.
Thursday, June 5, 2008
ICICI Bank To List ICICI Securities When Market Stabilizes - June 5, 2008
ICICI is unlikely to list its stock broking subsidiary, ICICI Securities, for the time, in view of hard market conditions. ICICI Bank Joint Managing Director Chanda Kochhar said that they would do it when the market is good. In January, the bank board had permitted offloading 15 per cent of ICICI Securities to retail and institutional investors. First they will list ICICI Securities as the insurance business is on a steep growth phase.
Biocon Looking At Top Slot In Nephrology Space - June 5, 2008
Biocon Ltd is looking to be the top domestic player in the growing segment in the next 4-5 years. Its erythropoietin (EPO) brand to treat anaemia in renal failure patients is alone aimed to be number one in 3-5 years with 30 per cent market share. The red blood cell enriching product is among 18 competing brands, among them nine pre-filled syringes (PFSs). It is also the biggest EPO producer in the country. The nephrology range with six branded products was unveiled in March 2007 and at least as many as said to be coming out over the next three years. These formulations, currently giving about 8 per cent of the company''s revenues, are hoped to grow to 15 per cent next year. The portfolio comprise Renodapt - S (mycophenolate sodium); Renodapt (mycophenolate mofetil); Cyclophil ME (cyclosporine) Tacrograf (Tacrolimus) and Erypro Safe.
SBI To Focus On Non-Banking Businesses - June 5, 2008
As the banking business slows India''s largest public sector lender State Bank of India is trying to push growth in its non banking businesses to ensure that the group remains on a strong growth path. One business chosen for a major expansion drive this year is SBI''s broking business, which is under SBI Capital Markets (SBICAPS). After missing out on the strong bull run in equities, SBICAPS is now trying to catch up by expanding its broking presence in tier 2 and tier 3 cities. We are trying to leverage the huge network that our parent has and use that as an advantage of existing players, said A P Verma, MD & CEO, SBICAPS. SBICAPS'' broking subsidiary has already opened 5000 new broking accounts this year and plans to add another 50,000 accounts in the coming year.
While SBI is increasing its retail presence in the broking business, the revenue from the division is expected to contribute just Rs 100 crore to the kitty due to the low margin nature of the business. Thus, SBICAPS is also trying to increase its presence in higher margin areas like loan syndication and project financing. Over the next year, SBICAPS hopes to garner significant revenue especially from large power projects that are in the pipeline.
While SBI is increasing its retail presence in the broking business, the revenue from the division is expected to contribute just Rs 100 crore to the kitty due to the low margin nature of the business. Thus, SBICAPS is also trying to increase its presence in higher margin areas like loan syndication and project financing. Over the next year, SBICAPS hopes to garner significant revenue especially from large power projects that are in the pipeline.
Wednesday, June 4, 2008
GMR Industries To Acquire Karnataka Sugar Co - June 4, 2008
GMR Industries, the agri business arm of GMR group, on June 3, said that it has decided to buy Alagawadi Bireshwar Sugars Pvt Ltd, which holds a licence to open and operate a 3,500 TCD sugar mill at Raibagh in Karnataka. The company said that it has lined up Rs 450 crore for the acquisition and expansion of the sugar company. In all, the company has earmarked a capital expenditure of Rs 800 crore in the next three years for various expansion projects. The company will have a total sugar capacity of 11,000 tcd (tonnes crushed per day) and cogeneration capacity of 46 MW by March 2009. While the 3,500 tcd sugar complex in Haliyal is ready, the 2,500-tcd cooperative sugar plant it took on lease in Ramdurg will begin production in the forthcoming sugar season.
Anil Appoints Lazard Man To Lead On MTN Talks - June 4, 2008
Reliance Communications has appointed a veteran London banker and one-time anti-apartheid activist to lead its team of advisers on talks with South Africa''s MTN that could create a giant Indo-African telecommunications group. Ken Costa, chairman of international business at Lazard, will lead Reliance''s negotiations with MTN, the two companies being locked in exclusive talks that could create a company with a market value of more than $68.7 billion. Now a well-known city banker, Costa in his youth was the leader of the students'' council at the University of the Witwatersrand in Johannesburg, then a centre for anti-apartheid activism, and spoke about his passion for justice in a recent interview.The current chairman of MTN is 56-year-old Cyril Ramaphosa, a veteran of South Africa''s anti-apartheid struggle who resigned key positions in the government after losing the contest to be South African president to Thabo Mbeki in 1997. Ramaphosa continues to be a member of the executive committee of the ruling African National Congress (ANC) in South Africa. Costa, 57, moved to Lazard from UBS last year after more than 30 years with that group. Reliance and MTN are discussing an arrangement under which Reliance Communications Chairman Anil Ambani will take 34 per cent of an enlarged MTN without triggering an obligatory open offer for the remainder of the South African company. A merger would see the creation of the world''s fourth largest mobile telephone group, after China Mobile, Vodafone and China Unicom with more than 116 million subscribers in India, Africa and the Middle East.Costa''s past deals include the relocation of Anglo American, the mining giant, from Johannesburg to London, and the acquisition of the Ritz by the Barclay brothers, Sir David and Sir Frederick, in 1995. Earlier this year he advised Olivant, the investment vehicle owned by the former UBS executive Luqman Arnold on its failed bid for Northern Rock.
Essar Oil Mulls To Infuse $130m This Fiscal - June 4, 2008
Essar Oil is building up its oil exploration and production business, aligning a work programme in the current phase of existing blocks to the tune of $290 million. Out of this, the company mulls to infuse $130 million in the current fiscal. The work programme comprises seismic operations in Assam, Madagascar, Nigeria and Vietnam, drilling of wells in Raniganj and Mehsana and development of Ratna fields. Essar is also look into and evaluating exploration and production opportunities globally, focussing on West Asia , South East Asia, Australia, China, the Indian sub-continent, South America, Eastern Europe and Russia. More than 15 crore holes have been drilled and coal tested for permeability and gas content in Raniganj, while drilling of 15 test wells is in progress. Its exploration and production assets comprise 70 per cent ownership in Mehsana block, 63 per cent interest in offshore block (OPL 226) in Nigeria and 100 per cent in offshore block (114) in Vietnam, apart from two exploration blocks in Assam, three in Madagascar and another in Durgapur, West Bengal some of these assets are under transfer at present
Tuesday, June 3, 2008
GAIL Gas To Start Distribution Projects In 17 Cities - June 3, 2008
GAIL (India) Ltd on June 2 said that its recently floated 100 per cent subsidiary GAIL Gas Ltd would begin city gas distribution (CGD) projects in 17 cities in the first phase. GAIL has recognized 230 cities for CGD distribution in phased manner. The company said, In first phase, 17 cities have been recognized to be taken up via its subsidiary company with authorisation from Petroleum and Natural Gas Regulatory Board (PNGRB).The subsidiary company was registered last week as a limited company with an initial equity of Rs 200 crore. Corresponding to this equity amount, debt shall be arranged amounting to Rs 300 crore. The business plan of GAIL Gas will be developed and presented to the board in three months. GAIL Gas will also start the compressed natural gas (CNG) corridor project, which involves an estimated capital outlay of Rs 35 crore for opening CNG stations along the highways. It is hoped that the subsidiary company will be more easily listed in future to give further upside as well as liquidity to GAIL. The subsidiary company will have a board of directors consisting of not less than four and not more than 12 directorsSun TV launches FM stations at Gulbarga & Asansol - June 3, 2008
Sun TV Network Ltd has announce the launching of two FM Radio Stations at Gulbarga and Asansol under the brand S FM from June 03, 2008 through its Subsidiaries Kal Radio Ltd and South Asia FM Ltd respectively. These Stations can be heard at 93.5 MHz frequency in both the places and will cater to the audience of all age groupsAVT Natural - Decaffeination Of Tea Agreement With Finlay Tea Solutions UK Ltd - June 3, 2008
AVT Natural Products Ltd has informed that the Company have signed a Decaffeination of Tea Agreement with Finlay Tea Solutions UK Ltd, Swire House, 59, Buckingham Gate, London SW1E 6 AJ for an initial term of three years. The term of the Agreement is extendable on mutual consent after the expiry of the Initial term. As per the Agreement signed with Finlays, AVT Natural will remove caffeine from Tea supplied by Finlay to meet the statutory limits prescribed by the importing countries. Decaffeination will be through solvent extraction at the Companys Cochin plant under a tolling arrangement with Finlays.With this development, AVT Natural will further strengthen its position in the Global Value Added Beverages market.
Monday, June 2, 2008
Air India Increased Fares
Air India on June 1, declared an increase of Rs 300 to Rs 550 in fares with effect from June 3 following a hike in the price of aviation turbine fuel (ATF). The decision was taken after ATF prices reported an increase of 18 per cent as compared with the prices in May 2008. Air India (AI) would be hiking its fares by Rs 300 on all flights up to 750 kilometers and Rs 550 for longer distances. The rates will come in force from June three, It said, that with the present increase, the fuel surcharge on short haul flights will go up to Rs 2,250 and on long haul flights it would be Rs 2,900.
The aviation public sector undertaking had not increased its fares during the last fare hike in May last month when other major airlines had hiked their prices by Rs 150 (short haul) and Rs 300 for long haul flights. The other players are soon going to increase their fares on various sectors as ATF prices in Mumbai have hit Rs 71,759.06 per kilolitre from Rs 60,468.28.
The aviation public sector undertaking had not increased its fares during the last fare hike in May last month when other major airlines had hiked their prices by Rs 150 (short haul) and Rs 300 for long haul flights. The other players are soon going to increase their fares on various sectors as ATF prices in Mumbai have hit Rs 71,759.06 per kilolitre from Rs 60,468.28.
QNB & HDFC Bank ties up
Qatar National Bank (QNB) has joined hands with India''s HDFC Bank to offer Indian expatriates a range of products and services, including fast online remittance of money. Called ''QNB-HDFC Bank NRI Services'', the product has been carefully designed to offer NRIs in Qatar and their families back home a range of products and services covering various aspects of their financial needs. The dual account can be used to remit money (Indian rupees) online from a QNB account to an HDFC Bank account.The alliance with QNB will enable us to offer Indian expatriates in Qatar the convenience of carrying on their banking in Qatar and India, and access to a host of financial services in a seamless, quick and cost-effective manner.
ONGC''s Iran Block Likely To Be LNG Source
ONGC, which has been trying to join hands liquefied natural gas (LNG) contracts for its proposed Mangalore LNG terminal, is confident of getting gas from its abroad investment arm ONGC Videsh Ltd''s (OVL) Farsi block in Iran. The company has been trying to get LNG supplies before building a terminal with a capacity of five million tonnes a year to be expanded to 10 mt at Mangalore. The field is hoped to begin producing in the next three years, and efforts are on to bring the gas either directly or indirectly to India. Meanwhile, they are also eyeing at Oman and Australia for getting LNG for the proposed terminal.
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